Versions

 

19C.16

The annual accounts must be audited by a person, firm or company who must be a practising accountant of good standing. Such person, firm or company must also be independent of the overseas issuer to the same extent as that required of an auditor under the Companies Ordinance and in accordance with the requirements on independence issued by the International Federation of Accountants and must be either:—
 
(1)   qualified under the PAO for appointment as an auditor of a company and a Registered PIE Auditor under the FRCO; or
 
(2) an overseas firm of practising accountants that is a Recognised PIE Auditor of that issuer under the FRCO.
 
Note:   In relation to an application for the recognition of an overseas firm of practising accountants under the FRCO, on a request made by an overseas issuer, the Exchange may provide a statement of no objection to that issuer for appointing an overseas firm of practising accountants to carry out a PIE Engagement for that issuer under section 20ZF(2)(a) of the FRCO (see note 2 to rule 4.03(1)).